Memecoins
SHIB, PEPE, and a ‘famous people’ meme have the market at their beck and call
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Journalist
- The trading volume of SHIB, PEPE, and HarryPotterObamaSonic10Inu jumped.
- While the price action was impressive, the social dominance trend differed.
Bitcoin [BTC] may have risen above $30,000 again. However, after lasting only a while above the region, it could be obvious that the king coin’s dominance in the market was nowhere near its peak. But what assets are showing lots of promise and enticing the crowd?
Realistic or not, here’s PEPE’s market cap in SHIB terms
Well, there have been the memecoins including Shiba Inu [SHIB], and Pepe [PEPE]. And according to Santiment, there is an ERC-20-based meme called HarryPotterObamaSonic10Inu also making waves.
Memes’ season to blossom?
With a BITCOIN ticker, HarryPotterObamaSonic10Inu launched in May as an endgame for crypto assets, whose aim is to incentivize the creation of entertaining meme content. Based on on-chain data, the trading volume of HarryPotterObamaSonic10Inu increased by 139.31% in the last 24 hours.
Other memes like SHIB and PEPE also experienced major hikes in volume. Typically, increasing volume can push the price of a cryptocurrency higher. But for that to continue, the volume must maintain its momentum.
Source: Santiment
Over the last seven days, SHIB has increased by 13.70%, breaking the $0.00001 barrier. PEPE, on the other hand, has had an increase of 23.39%.
And lastly, HarryPotterObamaSonic10Inu is the only asset out of the three which could boast of a rising volume on a rising price in the last 24 hours. At press time, the ERC-20 token had registered a pump to $0.015, thanks to a 24-hour 25.35% hike.
With respect to weighted sentiment, Santiment revealed that all three memes had a similar trend. As a measure of the positive and negative commentary, the weighted sentiment considers crowd perception of an asset within social networks.
For instance, SHIB’s weighted sentiment went up to to 2.86 within the last 30 days. The metric in HarryPotterObamaSonic10Inu’s terms was as high as 2.30, and PEPE was much less at 0.15.
Therefore, the metric’s rise into the positive region by all of the assets implies that the broader crypto community was positive about their respective performances.
Source: Santiment
Different directions in this regard
However, with reference to social dominance, SHIB, PEPE, and HarryPotterObamaSonic10Inu took different routes. Social dominance measures the number of discussions concerning an asset compared to others in the top 100.
At the time of writing, SHIB’s social dominance increased. But that of HarryPotterObamaSonic10Inu and PEPE decreased.
Source: Santiment
How much are 1,10,100 PEPEs worth today?
The increase in SHIB’s social dominance implies that there was a lot of hype around the token. And this could be connected to the anticipation around Shibarium’s launch.
The decline in the other two suggests a fall in the razzmatazz around them.
